Saudi Arabia has incentivized innovation to create smart mining environment, says minister

 Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the Mining Indaba in Cape Town on Monday. AFP
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the Mining Indaba in Cape Town on Monday. AFP
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Updated 09 May 2022

Saudi Arabia has incentivized innovation to create smart mining environment, says minister

Saudi Arabia has incentivized innovation to create smart mining environment, says minister

RIYADH: Saudi Arabia has incentivized innovation to create a smart mining environment and taking care of talents and human capital to drive mining success, said minister of industry and mineral resources.

Speaking at the Mining Indaba conference in Cape Town on Monday, Bandar Alkhorayef said the global demand for critical minerals is rising and will continue to rise.

“The responsibility of governments is to create socially and environmentally sustainable mining ecosystems while meeting this demand.”

The minister said the Kingdom is working to create a mining ecosystem that assures transparency, sustainability and ease of doing business to offer an exceptional experience for investors in the mining sector.

The responsibility of governments is to create socially and environmentally sustainable mining ecosystems while meeting this demand.

The Saudi mining sector achieved record revenues in 2021 amounting to SR727 million ($194 million) and succeeded in attracting investments worth more than SR30 billion and working on stimulating additional investments worth SR120 billion.

“The infrastructure required to support mining is of tremendous importance for the success of the mining sector. We are developing it to bring in investment opportunities for the mining sector,” Alkhorayef added.

HIGHLIGHTS

The Saudi mining sector achieved record revenues in 2021 amounting to $194 million.

It succeeded in attracting investments worth more than SR30 billion and working on stimulating additional investments worth SR120 billion.

Highlighting the importance of geological surveys, the Saudi minister said the data of such surveys “de-risks investments in mining.”

“Saudi Arabia developed the mining strategy as part of the Kingdom’s Vision 2030 after looking at the experiences of other countries,” he said.

Saudi Arabia has been working to amend the mining sector regulations and legislation to provide a friendly environment for investors in this sector. 

The Kingdom seeks to increase the sector’s contribution to growth, economic diversification, job creation, and the transition to clean energy.

 

 


Here’s what you need to know before Tadawul’s trading session on Monday

Here’s what you need to know before Tadawul’s trading session on Monday
Updated 10 sec ago

Here’s what you need to know before Tadawul’s trading session on Monday

Here’s what you need to know before Tadawul’s trading session on Monday

RIYADH: Saudi stocks reversed the prior session’s losses to start the week higher on Sunday, after oil giant Aramco beat analysts’ expectations with record profits.

The main TASI index closed 2.5 percent higher at 13,149, and the Kingdom’s parallel Nomu market was up 0.9 percent to 22,845.

Shares of Aramco surged 4.2 percent intraday in response to an 82-percent increase in first-quarter profit to SR148 billion ($40 billion).

Bahrain’s BAX also recorded gains of 0.6 percent on Sunday, while stock indexes of Qatar and Egypt lost 2 and 1.4 percent, respectively. The Omani bourse ended the session almost flat.

In energy trading, Brent crude was priced at $109.76 a barrel, and US benchmark WTI traded at $109.04 a barrel at 9:00 a.m. Saudi time.

Stock news

Taiba Investments Co. turned into a profit of SR20 million in the first quarter, supported by post-pandemic recovery

Saudi Azm was awarded a project to provide advisory services to the ministry of communications and information technology’s digital transformation unit

Azm got its board’s approval to establish an office with a capital of SR500,000 for software development in Poland 

Insurance firm Tawuinya’s net profit before Zakat declined 49 percent to SR41 million last quarter

Saudi Steel Pipe Co. closed a deal valued at SR139 million to supply oil and gas steel pipes to Uruguay’s Tenaris Global Services

AXA Cooperative Insurance Co. got shareholders’ approval to pay out an annual cash dividend of SR1 per share

Saudi Printing and Packaging Co. narrowed losses to SR3.3 million in its quarterly earnings as general and administrative costs fell

First-quarter profit of National Medical Care Co. was down 16 percent to near SR30 million

Alinma Investment Co. said unitholders of Alinma Retail REIT Fund will receive dividends amounting to SR11.8 million for 2021

Al-Etihad Cooperative Insurance Co. saw its net profit before Zakat drop 95 percent to SR689,910 last quarter

Saudi Vitrified Clay Pipes Co.’s profit soared 452 percent to SR1.27 million during the first quarter of 2022

Arabian Cement Co. reported a profit drop of 37 percent to SR41.9 million for the first quarter of 2022

Theeb Rent a Car Co. made SR42.6 million in first-quarter profit, up 64 percent from SR26 million a year ago

Shareholders of Nayifat Finance Co. are set to receive half-year dividends of SR0.75 per share

Middle East Healthcare Co.’s profits were up nearly 70 percent last quarter to SR20.5 million

Dur Hospitality Co.  signed a deal worth SR181 million to expand and develop Rixos Jeddah resort

Calendar

May 22, 2022

Start of Amwaj International Co.’s IPO subscription

Start of Ladun Investment Co.’s IPO subscription

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO subscription


Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone

Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone
Updated 4 min 59 sec ago

Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone

Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone

Saudi Energy Minister Abdulaziz bin Salman has said the Kingdom could produce between 13.2-13.4 million barrels of oil per day by the end of 2026 or beginning of 2027 thanks to increased output in divided zone.

MORE TO FOLLOW

 

 


Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes

Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes
Updated 11 min 35 sec ago

Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes

Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes

RIYADH: The Saudi Steel Pipe Co. has closed a deal to supply Uruguay’s Tenaris Global Services with oil and gas steel pipes.

With orders valued at SR139 million ($37 million), the transaction’s financial impact is expected to roll out in the second half of this year, the Saudi-based pipe manufacturer said in a bourse filing.

Back in 2019, Tenaris, a global supplier of steel tubes, acquired 47.8 percent of Saudi Steel Pipe’s shares in a $141 million deal.


Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future

Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future
Updated 31 min 37 sec ago

Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future

Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, up 2.06 percent to $30,373 as of 08:52 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,071, up 2.03 percent, according to data from Coindesk.

FTX chief says Bitcoin has no future as a payments network

Cryptocurrency exchange FTX’s founder has said that Bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.

Bitcoin, the world’s largest cryptocurrency, is created by a process called “proof of work” that requires computers to “mine” the currency by solving complex puzzles. Powering these computers needs large amounts of electricity.

An alternative to the system is called the “proof of stake” network, where participants can buy tokens that allow them to join the network. The more tokens they own, the more they can mine.

FTX Founder and Chief Executive Sam Bankman-Fried told FT that “proof of stake” networks would be required to evolve crypto as a payments network as they are cheaper and less power-hungry.

Blockchain Ethereum, which houses the second-largest cryptocurrency ether, has been working to move to this proof of stake system, which is intended to be less energy-intensive.

Bankman-Fried also said he didn’t believe Bitcoin had to go as a cryptocurrency, and it may still have a future as “an asset, a commodity and a store of value” like gold, the report said.

(With input from Reuters)


Saudi insurers quarterly profits dragged down by higher claims

Saudi insurers quarterly profits dragged down by higher claims
Updated 31 min 36 sec ago

Saudi insurers quarterly profits dragged down by higher claims

Saudi insurers quarterly profits dragged down by higher claims

RIYADH: Two of the Saudi-listed major insurers have reported losses in the first quarter of 2022, driven by higher claims, revealed their earning announcements on Monday. 

The Co. for Cooperative Insurance, also known as Tawuinya, saw its first-quarter profit drop by 49 percent to SR41 million ($11 million) from SR80.81 million the same period in 2021.

Al-Etihad Cooperative Insurance Co. saw its profits plunge 95 percent to SR689,910 in the first quarter compared to SR14.55 million in the first quarter of 2021, according to their bourse filings. 

Although both companies attributed the drop in their bottom lines to an increase in claims, Tawuinya added that a decrease in earnings from policyholders and shareholders also a major factor.